Essex County, MA Metro Area Mortgage Lenders & HMDA Data, 2005
In 2005, lenders reported 88,999 mortgage applications in Essex County, MA metro area totaling $21.3 billion, about the same as 2004. The average application was for $239,888, and applicants reported an average income of $89,000. 46% of applications resulted in an originated loan and 15% were denied. The most active lender was Countrywide Home Loans, with 5,981 applications, followed by Ameriquest Mortgage Company and Washington Mutual Bank.
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Top Mortgage Lenders in Essex County, MA Metro Area (2005)
Ranked by the number of mortgage applications each lender reported in Essex County, MA metro area in 2005.
| # | Mortgage Lender | Mortgage Applications | Total Dollar Amount | Average Loan Amount | Average Applicant Income |
|---|---|---|---|---|---|
| 1 | Countrywide Home Loans Westlake Village, CA |
5,981 | $1,614,521,000 | $269,000 | $88,000 |
| 2 | Ameriquest Mortgage Company Orange, CA |
5,364 | $1,465,992,000 | $273,000 | $119,000 |
| 3 | Washington Mutual Bank Albion, NY |
3,596 | $1,045,956,000 | $290,000 | $75,000 |
| 4 | Gmac Mortgage LLC Ft. Washington, PA |
2,320 | $569,148,000 | $245,000 | $78,000 |
| 5 | Citimortgage, Inc New York, NY |
2,315 | $503,826,000 | $217,000 | $134,000 |
| 6 | Bank of America, N.A. Calabasas, CA |
2,138 | $554,455,000 | $259,000 | $108,000 |
| 7 | Wells Fargo Bank, NA Des Moines, IA |
2,102 | $609,064,000 | $289,000 | $89,000 |
| 8 | Option One Mortgage Corp Irvine, CA |
2,095 | $522,603,000 | $249,000 | $83,000 |
| 9 | New Century Mortgage Corporati Irvine, CA |
1,639 | $361,339,000 | $220,000 | $84,000 |
| 10 | Taylor, Bean & Whitaker Ocala, FL |
1,576 | $419,940,000 | $266,000 | $88,000 |
See every lender active in Essex County, MA metro area in 2005 »
The tables below break down 2005 mortgage applications in Essex County, MA metro area by loan purpose, applicant race, loan type, outcome and denial reason. Click a column heading to sort.
Mortgage Loan Application Detail Totals for Essex County, MA in 2005
Loan Purpose |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Refinancing | 51,674 | $13,171,371,000 | $254,000 | $6,189,000 | $87,000 | $6,480,000 |
| Home Purchase | 30,937 | $7,274,919,000 | $235,000 | $4,350,000 | $91,000 | $9,999,000 |
| Home Improvement | 6,388 | $903,568,000 | $141,000 | $2,500,000 | $87,000 | $4,394,000 |
Applicant Race |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| White | 53,547 | $12,898,308,000 | $240,000 | $4,350,000 | $100,000 | $9,999,000 |
| Not Provided | 14,198 | $3,458,700,000 | $243,000 | $6,189,000 | $99,000 | $4,945,000 |
| Hispanic | 9,896 | $2,095,295,000 | $211,000 | $3,600,000 | $69,000 | $3,840,000 |
| Not applicable | 7,344 | $1,984,889,000 | $270,000 | $3,600,000 | $29,000 | $4,394,000 |
| Black or African American | 2,304 | $496,240,000 | $215,000 | $2,000,000 | $77,000 | $1,272,000 |
| Asian | 1,402 | $349,070,000 | $248,000 | $2,200,000 | $100,000 | $3,147,000 |
| American Indian or Alaskan Native | 174 | $37,609,000 | $216,000 | $993,000 | $79,000 | $660,000 |
| Native Hawaiian or Other Pacific Islander | 134 | $29,747,000 | $221,000 | $800,000 | $99,000 | $1,500,000 |
Loan Type |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 88,257 | $21,156,362,000 | $239,000 | $6,189,000 | $90,000 | $9,999,000 |
| FHA-insured (Federal Housing Administration) | 670 | $176,039,000 | $262,000 | $558,000 | $56,000 | $200,000 |
| VA-guaranteed (Veterans Administration) | 67 | $15,665,000 | $233,000 | $360,000 | $51,000 | $150,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 5 | $1,792,000 | $358,000 | $628,000 | $98,000 | $180,000 |
Outcome |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Loan Originated | 41,257 | $9,726,898,000 | $235,000 | $6,189,000 | $96,000 | $5,188,000 |
| Loan Purchased By The Institution | 16,519 | $4,176,390,000 | $252,000 | $2,750,000 | $60,000 | $2,807,000 |
| Application Denied By Financial Institution | 13,637 | $3,173,418,000 | $232,000 | $4,230,000 | $84,000 | $9,999,000 |
| Application Withdrawn By Applicant | 10,434 | $2,523,372,000 | $241,000 | $4,625,000 | $91,000 | $4,800,000 |
| Application Approved But Not Accepted | 4,224 | $961,059,000 | $227,000 | $3,544,000 | $89,000 | $2,640,000 |
| File Closed For Incompleteness | 2,914 | $786,602,000 | $269,000 | $4,250,000 | $105,000 | $6,480,000 |
| Preapproval Denied by Financial Institution | 12 | $1,925,000 | $160,000 | $335,000 | $40,000 | $71,000 |
| Preapproval Approved but not Accepted | 2 | $194,000 | $97,000 | $144,000 | $45,000 | $48,000 |
Denial Reason |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Other | 3,528 | $918,891,000 | $260,000 | $4,230,000 | $90,000 | $2,484,000 |
| Credit History | 1,940 | $386,497,000 | $199,000 | $3,000,000 | $85,000 | $3,339,000 |
| Debt-To-Income Ratio | 1,630 | $332,170,000 | $203,000 | $2,340,000 | $66,000 | $1,884,000 |
| Credit Application Incomplete | 1,097 | $293,636,000 | $267,000 | $2,500,000 | $86,000 | $9,999,000 |
| Collateral | 1,052 | $264,705,000 | $251,000 | $3,050,000 | $112,000 | $5,280,000 |
| Unverifiable Information | 563 | $131,551,000 | $233,000 | $2,000,000 | $82,000 | $780,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 110 | $32,619,000 | $296,000 | $3,600,000 | $87,000 | $780,000 |
| Employment History | 109 | $24,393,000 | $223,000 | $683,000 | $80,000 | $360,000 |
| Mortgage Insurance Denied | 13 | $1,170,000 | $90,000 | $390,000 | $128,000 | $323,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) loan application records that lenders file with the FFIEC each year, and count every application (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
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